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Goldman Sachs reports dip in 2nd quarter profits

By AFP
media David Solomon, chief executive of Goldman Sachs, which reported a dip in second-quarter profits GETTY IMAGES NORTH AMERICA/AFP/File

Goldman Sachs reported a dip in second-quarter profits Tuesday due to declines in trading and debt underwriting, although the results topped analyst expectations.

Net income was $2.2 billion, down 6.4 percent from the year-ago period.

Revenues dropped 1.8 percent to $9.5 billion.

Goldman suffered from a decline in fixed income, currency and community trading, a weakness at other large banks.

Financial advisory revenues also fell due to lower merger and acquisition activity compared with the year-ago period. Debt underwriting revenues also fell.

On the upside, Goldman notched higher revenues in its investing and lending division due to gains in public equities.

The results are among the first from large banks against a backdrop of uncertainty over international trade and an anticipated loosening of monetary policy, with the Federal Reserve expected to cut interest rates later this month.

"We're encouraged by the results for the first half of the year as we continue to invest in new businesses and growth to serve a broader array of clients," said chief executive David Solomon in a statement.

"Given the strength of our client franchise, we are well positioned to benefit from a growing global economy."

Goldman shares rose 0.9 percent to $213.56.

 
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